Retail spending will increase nearly 13 percent for Valentine’s Day 2012 year-over-year, according to the National Retail Federation’s 2011 Valentine’s Day Consumer Intentions and Actions Survey, as the outlook for the retail industry continues to improve. The survey notes that the average person will spend $116.21 on traditional Valentine’s Day merchandise this year, an increase of 12.8% over 2011’s total, with expenditures on jewelry and clothing expected to rise substantially.
“Having surpassed expectations during the holiday season, it seems consumers are not done spending on gifts, which bodes well for the economy,” said NRF President and CEO Matthew Shay. “Jewelry, candy and apparel sales should provide a nice boost for retailers during the typically slower months of January and February.”
Strong Holiday Season
The projected increase follows a better-than-expected holiday season, with sales in November and December rising 4.1% to $471.5 billion, surpassing NRF’s initial holiday sales forecast of a 2.8% growth. Discretionary goods were especially strong, as home décor items, sporting goods, books and personal care items all performed well in December.